Banking Crisis 2023

A conversation with USAA's Paul Vincent

Half a year after it swallowed up Silicon Valley Bank during the spring banking crisis, First Citizens Bank is blending the former SVB Private into its wealth business.

During the recent banking crisis, both businesses and wealth management clients moved their money out of banks. Commercial deposits have since recovered, but those in wealth accounts continue to decline amid fierce competition from both inside and outside the banking system.

Citizens made waves with its hires of around 50 private banking staff from First Republic. The head of wealth management at Citizens shared what's next.

Could the collapsed bank's advisors who are now at the Wall Street giant become a 'red-headed stepchild'?

Ever since Silicon Valley and Signature banks collapsed in March, a scramble began among regulators, politicians, bank executives and others to manage the fallout from this spring's banking crisis. Here are 10 predictions of what still lies ahead to be dealt with.

First Republic reportedly paid dozens of employees more than $10 million apiece annually, in the heyday before its collapse.

A string of bank failures has increased scrutiny of banks' underwater Treasury securities — holdings that have traditionally been viewed as risk-free. As regulators reimagine the bank capital framework, they should reconsider whether anything can or should be considered riskless.

There are ways to keep cash balances fully insured and fully liquid — and brokered deposit programs may not be one of them.

Silicon Valley Bank's failure in early March kicked off a period of turmoil unlike anything the U.S. banking industry has been through since 2008 and 2009. Here's a look back at the key events.

The "everything bubble" was great, but with the Fed predicting a mild recession a different approach is needed to protect historically outsized gains.

Meow and Vesto are two firms that help companies invest idle funds in safe instruments such as Treasury bills.

Advisors managing over around $2.5 billion of assets moved since the start of the week, joining employers such as UBS and Wells Fargo, as some doubt their prospects at the former First Republic under new owner JPMorgan Chase.

Although First Republic advisors appear relieved by the restoration of stability in coming under the megabank's umbrella, looming culture clashes could bring more attrition — from both the incoming advisors, and those they're joining.

First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis.

The 12-person team's move was unsolicited and adds to what is now almost two dozen advisors who have migrated to the wirehouse from the struggling regional bank.

The moves reflect a wild week of First Republic advisors rushing to firms including JPMC, Morgan Stanley and UBS following their employer's calamitous earnings call Monday.

The troubled lender could fail, get rescued by the nation's largest banks or muddle through as a zombie bank. Federal regulators and the big banks will have to decide which is the least bad option.

Some of the bank's wealth advisors are pitching a rescue plan involving offloading bonds — at above-market values.